One Part Investment Manager, One Part Family Therapist

June 1st, 2015

Franco Lombardo found that many of his clients’ financial needs were actually about family relationships, deep down.

If family offices manage the finances of the 1%, Franco Lombardo’s caters to the 1% of the 1%. Most of his clients have a net worth north of 0 million, he says. And if you believe him, the ultra-rich have problems—problems with money, no less.

For example, one of Lombardo’s clients hoped to pass his billion-dollar business down to his daughter, but he wanted her to work in the firm first. The daughter felt guilty, because she was only working part time and was set to become the boss. “She was going to make decisions with feelings of guilt that she didn’t deserve this,” Lombardo says. “So what kind of decisions would she make? That’s an example of behaviour risk.”

Have you ever put your heart and soul into something that you are absolutely committed too? Do you remember the feeling of euphoria, relief, pride and sense of achievement? How did you celebrate? How did you share this accomplishment with?

For the last year I have been enrolled in a intensive program run by The Institute for Family Enterprise Advisors. The program is designed the participants to better understand the complexities and unique attributes of Business Families. When I first enrolled in the program in 2011 I had this attitude of entitlement, in what can I possibly learn? After all I already am advising Business Families.

Thankfully a client, asked me to consider what I might be able to contribute to the group and the program. With this in mind, I enrolled with a commitment to be a contributor to my fellow students and peers. I was true to my word in asking myself often, “how can I serve?” As a result I have made many new friends and fell part of a community, the Family Enterprise Advisor community.

You see, yesterday after completing the requirements of the program, I received my certification and designation. Yesterday I became a Family Enterprise Advisor. I got my very first designation. FEA

What does this designation mean to me? That it is possible to transform oneself from a attitude of Entitlementto a philosophy of Contribution.

How am I feeling? Proud of my accomplishment, humbled that I got through, and grateful for all of my peers in both the Vancouver and Toronto groups.

Have you ever considered why one behaves/feels the way they do with money, and where their behaviours /feelings about money come from? Just as we all have beliefs about God, men, women, marriage, and sex, we have a belief about money. Our belief about money I refer to as our MONEY MOTTO. We develop our MONEY MOTTO from events that occur throughout our lives. As a result of these events we develop a belief or make up a story, attaching meeting to the event. From here one develops a way of being (behavior) about how one treats their money. One develops a relationship with money.

Because we are relationships beings and we have a relationship with money, our MONEY MOTTO, we take our Money Motto into other relationships. Where it gets fascinating, is there is a direct correlation between how we treat our money and how we treat our relationships, including the relationship we have with ourselves.

We all fall into one of four main categories in how we feel about, treat our money. We spend it, invest it, value it or fear it.

This also applies to how we feel about and treat our relationships. We spend them, invest in them, value them or are afraid of them.

The other day I was sitting in my favorite coffee shop in Vancouver. As I am journaling about my journey and enjoying the sweet aroma of coffee surrounding me I notice a father walk up to the counter with his young son. The boy couldn’t have been older than 4 or 5 years old. There happened to be a sample of a blueberry muffin on the counter for patrons to enjoy. The father reach in and took some for his boy. Without questioning his father or asking what it was, the boy put it in his mouth and ate it.

As I watched this I starting thinking about safety and trust in Family Businesses. This little boy trusted his father completely and fully. Never questioning his dad about the food he was given to eat; he just put it in his mouth as if that was the obvious thing to do, the natural thing to do. Absolute trust, and feeling safe, in that his father would not hurt him or cause him harm.

As a Family Business member, how safe do you feel within your family? Are you creating safety? What level of trust do you have within your family?

Last night after speaking to a Vistage/TEC CEO group in Saint John New Brunswick I found myself at the Saint John Ale House having snow crab and toast, a local favorite for dinner. The crab is on a bed of sourdough bread and toped with shrimp kimchi. It’s a spicy dish which I complimented with a local beer, the Pump house IPA, who’s flavors took an edge of the heat of the dish. I thoroughly enjoyed my meal. If you have ever had crab or lobster, I am sure you know how much work it is to prey open the shell to get to the meat. Some times it is a difficult tedious task. It get messy, the shell crakes to much, sometimes it splatters all over the place. Your hand get dirty and tired from the work. Patience is a must, as this is time consuming at times.Having said that, if you are a crab or lobster lover, the work is worth the prize.

As I am working away with the necessary tools to open up the crab to get to the “goodies” the succulent snow crab meat, it dawned on me. Eating crab is like being part of a Family Business. At times it is hard work, requires patience and can get messy. Having said that the reward of getting to the meat of it, is so worth it.

Veritage Shortlisted for the Family Wealth Report Awards 2015

December 22nd, 2014

Francesco Lombardo of VERITAGE, one of the world’s foremost Business Family advisory firms has been shortlisted for the Family Wealth Report Awards, in the category of “Outstanding Contribution to Wealth Management in Thought Leadership (Individual)”.

Showcasing ‘best of breed’ providers in the global private banking, wealth management and trusted advisor communities, the awards were designed to recognise companies, teams and individuals which the prestigious panel of judges deemed to have ‘demonstrated innovation and excellence during 2014’.